Current crisis in Italy threatens global economy

Automatic TRANSCRIPT

League would blow out italy's debt to gdp ratio to one hundred and fifty percent of gdp from its current one hundred and thirty two percent over the next five years this would directly conflict with the eu's rules that mandate fiscal prudence the coalition government has plans to reverse years of focusing on reducing budget deficit reassessing italy's foreign policy priorities and renegotiating its links with the eu initiatives like reducing income taxes increasing subsidies for the poor and abolishing reset reforms which raise the retirement age will become the new priorities you know something that i see going on here this new coalition if it does come the power that's two groups the league in the five star movement arc seen as somewhat conservative but you look at some of their ideas or not all that conservatives conservative you can get for europe talking about increasing budget deficits and you know and also leave the european union there are many think third there is so much in up in debt to the european union they're gonna get get themselves in a lot of trump not i think some of the the concern that they've had is that some of the policies that the european union has been placing online they're saying is really entering their grohl right so looking to kind of get back to atonomy and then do stimulative measures well for example they can't control their own interest rate yet also they can't use monetary policy like we can in the us the slow down or speed up the economy and that's one of the gripes that they have so in addition the leak party leader a gentleman called salvini he said either the european union's rules change or it makes no sense for italy to remain as a member of the eu and this is stoking fears that the new election could basically serve as kind of like a de facto referendum on italy's european union membership on monday a large selloff followed

Coming up next